Tricitynews
Reporter
Chandigarh Jan. 23, 2021:- Along with
a growing coalition of business
leaders across industries, Mahindra Group announced its commitment to implement
the Stakeholder Capitalism Metrics. These are a set of environmental, social and governance (ESG) metrics
and disclosures released by the World Economic Forum (WEF) and its International Business Council
(IBC) that measure the long-term enterprise value creation for all
stakeholders.
Of the
commitment, Anand Mahindra,
Chairman, Mahindra Group, said that purpose
driven businesses are likely to be more resilient than those that do not
embrace people and planet. Investors recognize that. We support World Economic
Forum’s effort to standardize reporting through the development of
comprehensive ESG metrics and believe that this will be a step forward for a
sustainable world.
The Stakeholder Capitalism
Metrics, drawn from existing voluntary standards, offer a core set of 21
universal, comparable disclosures focused on people, planet, prosperity and
principles of governance that are considered most critical for business, society
and the planet. They strengthen the ability of companies and investors to
benchmark progress on sustainability matters, thereby improving decision-making
and enhancing transparency and accountability regarding the shared and
sustainable value companies create. These leaders and their
organizations, including Mahindra, Dow, Unilever, Nestlé and Sony have
committed to:
1. Reflect the core metrics
in their reporting to investors and other stakeholders (e.g. annual report,
sustainability report, proxy statements, or other materials) by reporting on
the metrics most relevant to their business or briefly explaining why a
different approach is more appropriate
2. Publicly support this
work and encourage their business partners to do so
3. Promote the further
convergence of existing ESG standards, frameworks and principles to support
progress towards a globally accepted solution for non-financial reporting on
common ESG metrics
In making these
commitments, business leaders are signalling that ESG factors are increasingly
critical to the success and long-term viability of all businesses. This clearly
represents the intent from leading global companies to integrate sustainability
into their core strategy, operations and corporate disclosures.
Klaus Schwab, Founder and Executive Chairman, World Economic Forum said that stakeholder capitalism becomes now really mainstream. The
public commitments from companies to report not only on financial matters but
also their ESG impacts are an important step towards a global economy that
works for progress, people and the planet.
Intentionally built around existing
standards - CDP, the Climate Disclosure Standards Board (CDSB), the Global
Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC)
and the Sustainability Accounting Standards Board (SASB), these
metrics include themes like
quality of governing body, stakeholder engagement, ethical behavior and risk
& opportunity oversight. By adopting and reporting onthese
metrics and disclosures, the business community will continue to
catalyze greater cooperation and alignment among existing standards and
encourage progress on the development of a systemic, globally accepted set
of common standards for reporting on sustainability performance.
Mahindra Group has been publishing
Sustainability Reports based on Global Reporting Initiative (GRI)
framework, considered the gold standard globally on reporting, for the last
twelve years. Mahindra & Mahindra has been publishing Integrated Report on
the International <IR> Framework for the last three years. These are
globally multi award- winning reports.
